Indonesia committed to safeguarding all investments, president says

Indonesia committed to safeguarding all investments, president says Indonesia has attracted massive investment into its metal industry and smelting, but recent policies have raised concerns from some business players. JAKARTA: Indonesia's President Prabowo Subianto said on Thursday (Oct 8) his government is committed to respecting and safeguarding all investments in the country. Prabowo was speaking at a launch ceremony for commercial operations of four nickel facilities and construction of six projects in an industrial park at Weda Bay. "I emphasise here an Indonesian government commitment to respect and safeguard all investments, from wherever," he said. "We are committed to safeguarding our partnership as well as possible. It is a matter of honour for the Indonesian people to support our partners." Indonesia has attracted massive investment into its metal industry and smelting, mainly from China, with firms drawn to its rich nickel reserves, but recent policies have raised concerns from some business players. Chinese companies operating in Indonesia in a letter earlier this year urged Indonesia to implement more business-friendly policies, warning that tighter mining quotas, higher taxes and a new pricing formula were driving up costs and threatening investment. Indonesia holds the world's largest nickel ore reserves and is the world's top exporter of nickel products, making up about 60 per cent of global supply, with export value growing from US$3.3 billion in 2017 to more than US$33 billion by 2024, according to government data. It banned exports of raw nickel from 2020 to promote domestic processing industries. The investment in the four projects at Weda Bay was worth US$3.4 billion, while investment for the six projects is expected to reach US$6.8 billion, investment minister Rosan Roeslani said at the same event on Thursday. Prabowo also launched first exports of EV batteries at the ceremony.